‘Will Washington’s deepening dysfunction shatter the eerie calm on Wall Street? US sharemarkets last week shrugged off the Trump administration’s stunning failure to overturn Obamacare. Their indifference helped keep market indexes close to record highs, with the Dow Jones Industrial Average finishing the week a mere 0.3 per cent below its all-time high, while S&P 500 is only 0.1 per cent below. But in one corner of the US bond market, investors were clearly rattled by the fact that a new Republican president and a Republican Senate and House had once again been thwarted in their attempt to overhaul the US health care system. And they couldn’t help seeing it as a worrying portent for the looming debt ceiling negotiations.’